Highlights
Pros&Cons
Pros
- There are no upsides to this scam
Cons
- Vague language and unbelievable claims about potential profits
- Contradictory statements about privacy and security
- Hidden information about algorithms, functions, and owners is a clear sign of fraud
Key takeways
- The necessity to provide personal data to visitors is a sign of fraud.
- Fake reviews are not believable and are obviously copied from a template, to which they reference on their own website.
- Overstated promises of sky-high profits are just an attempt to impress fickle consumers.
Overview
Table of Contents
How to use BitQH – full review
Blockchain technology is all the rage these days. It isn’t exactly new, dating from 2008 and the very founding of Bitcoin, but it really came into the spotlight after Bitcoin’s skyrocketing prices at the end of 2021. It paved the way for other cryptocurrencies and people have been looking to crypto for profit ever since.
At various times people have gone as far as investing their entire net worth in crypto in hopes of becoming rich overnight, hoping for 2x, 3x, or even bigger profits. Fortune has, indeed, smiled upon some, but some have been left destitute, as well. This is the nature of the unpredictable crypto market and, unsurprisingly, people are reaching for every advantage they can find.
One such promising advantage is the use of bots. To those who don’t understand much about blockchain and crypto trends, leveraging another relatively new technology sounds appealing. It certainly does provide benefits in both stock and crypto markets. But not all trading bots are made equal. Today we take a closer look at BitQH and start with a Google search.
This is the first warning sign. You wouldn’t normally expect a reputable brand to be running two parallel websites. Likewise, emphasizing that both are “official” and including a trademark in one isn’t a common sight when dealing with major and serious brands.
Upon entering both websites, we are greeted with different designs, but there are a few other details. Although logos look similar, they are different enough to arouse suspicion. Brand logos are meant to be simple, impactful, and recognizable. Color schemes, fonts, and general design are supposed to be exactly the same, which isn’t the case here.
The same approach to website design have several scam crypto bots we have been warning about:
Next, we can see on the first website that they have included a photo. That would by no means be suspicious if the trading software displayed on it were a crypto trading platform. However, on closer inspection, we can see that it’s a stock trading app. Naturally, this cannot be the advertised service, so it begs the question – why not include screenshots of the software the websites are selling?
Further on, we can see that the signup form requires a telephone number. This is another feature that makes this website stand out from other, similar services. Crypto trading platforms may request photos of personal identification, but they do not ask for your contact. What would be the purpose of that on a platform designed for automated, software-assisted trading?
Finally, another lingo clue, the second website mentions “NLP-driven Trading System”. In and of itself this isn’t suspicious, as analyzing social media posts and news can only help make sense of volatility and predict trends. However, it is a major and important feature and it’s suspicious that the other website doesn’t mention anything remotely similar.
The content of both websites is filled with modern crypto jargon that remains fairly vague. However, there are a few statements worth noting.
Incredible profits of BitQH
The first website talks about generating amazing ROI. First of all, you shouldn’t expect to see gains in crypto trading expressed in ROI. Instead, APY is the preferred way of expressing potential gains. Moreover, ROI of 20%, which is their low estimate at the most volatile periods is an unbelievably high number. ROI of 90% would mean almost doubling your “investment” on a daily basis.
Such incredible earnings offer other bots, we’ve reviewed earlier:
If you were to invest 250$ in crypto through this platform, as requested, you would be looking at untold wealth by the end of the first month. No one has ever made so much money, especially not on crypto, so this is a highly suspect claim and you, dear reader, would do well to remember it in general.
After that, they reiterate the need for the newcomers to give up their personal information.
This is a little ridiculous because just a little above that the website talks of not requesting personal data and maintaining your privacy, but a phone number is a fairly private piece of information. Then, there is the line about Bitcoin not promoting this “incredibly insecure” type of trading.
For those who are versed in crypto, this is ridiculous. The whole point of crypto is maintaining privacy and exchanging value without having to give up personal information. Blockchain technology isn’t made secure by maintaining a huge database of personal information that is tracked.
Instead, it relies on a peer-to-peer system (that means no third parties) and disseminating the transaction data across the entire network, decentralizing the ledger and thereby making it more secure, as well as transparent.
The final piece of evidence contained on the websites themselves is yet another suspicious claim.
Contained in the usual and expected disclaimer text, there is this odd claim about 70% of investors losing money. How much money? Over what period? Is this an average across all coins or something else entirely? We can’t know because this piece of information I provided with no context whatsoever.
How trustworthy do reviewers find BitQH?
We’ve taken a close look at the websites themselves and found a number of discrepancies and suspicious clues. Using other websites may provide further insight.
Trustpilot
Trustpilot has little information and it’s only about one of the websites.
These ratings do not impress, but a closer look at the reviews is even more interesting. Although the score is not impressive, standing at 3.4, the text of reviews is highly suspicious. Here’s one example.
Similar Trustpilot reviews have several scam crypto bots we have written about:
Every one of these 5 reviews praises the platform highly. So much so that you’d expect a straight 5-star review. Not the case. Speaking of the number of reviews, the very same website that Trustpilot links to makes the following claim.
Clearly, neither of these is true, which is yet more cause for suspicion. There is only one other piece of relevant information on Trustpilot and that is the address of the company. It is listed as “St Magnus House 3 Lower Thames St EC3R 6HA London United Kingdom”
This is an office building, but there is no mention on the internet of BitQH being here. Perhaps we can find another venue to try and see who is behind this enterprise.
Domain of BitQH
Looking up the domain on ICANN leaves us disappointed. There is nothing to be seen here except for the suspicious use of Cloudflare for registering a domain.
This is another incriminating piece of evidence as Cloudflare is well known for anonymizing operators of websites. Just why someone who claims to be offering revolutionary software might be going this hard to remain completely anonymous is up to you to guess.
FAQ on BitQH
The creators claim it’s an amazing platform with top-notch AI trading software. Common sense tells us its entire purpose is to scam you out of the 250$ deposit.
Yes, although not a very popular one, so evidence may not seem as impressive as in some other cases.
You only stand to lose money that you invest in such shady projects.
BitQH’s creators have themselves provided you with enough clues that you would be wise to steer clear of this one.
Reviews
I signed up for Bitqh, hoping to earn some extra money on the side. However, I quickly discovered that the platform is full of hidden fees and charges, and the withdrawal process is unnecessarily complicated. It’s clear that bitqh is designed to take advantage of people who are new to cryptocurrency trading and don’t understand the market.
Mistakenly registered, thinking this was BitLQ, a high-quality trading bot I heard a lot of nice things about. Ashamed to say, I also placed the deposit. What a mistake to make! There’s no way now to get my money back, as they’re not returning mails nor calls. Reported them to the FTC, so hopefully they’ll cease their activities soon.
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